Chapter 2: Estates and Tenancies Flashcards
Estate in land is defined as what?
The interest an individual has in real property
An estate includes what?
A present or future right to ownership possession of real property
What are the two types of estates?
Freehold and nonfreehold
What is a freehold estate defined as?
The duration of the owner’s rights cannot be determined: the rights may endure for a lifetime, for less than a lifetime, or for generations beyond the owner’s lifetime.
what type of estate implies “ownership”?
Freehold estates
What is a non freehold estate defined as?
Distinguished by its specific duration, as represented by the lease term
Non freehold estate is also referred to as?
a leasehold estate
Both freehold and non freehold estates are referred to as?
Tenancies
The owner of the freehold estate is the?
freehold tenant
The renter of a non free hold estate is the?
leasehold tenant
The interest in real estate is defined as?
the ownership of any combination of the bundle of rights to real property
The bundle of rights include?
posses, use, transfer, encumber, and exclude
What is a fee simple freehold estate defined as?
The highest form of ownership interest one can acquire in real estate
What is a title defined as?
The bundle of rights in a piece of property. The legal way of saying who has legal ownership and the right to use a particular property.
What is a grantee defined as?
Is the recipient of a property and will be the person taking the title
What is a grantor defined as?
The person who is transferring title and relinquishing the property
A freehold estate of potentially unlimited duration is called a?
A fee simple estate
An estate limited to the life of the owner is called a ?
A life estate
what type of estate that is most common form of estate?
fee simple estate
What type of estate is not limited by one’s lifetime?
fee simple estate
What type of real estate is the hightest form of ownership interest?
Fee simple absolute
What type of estate is most often called “inheritable fee simple”?
fee simple absolute
What type of estate can revert to previous owners for violation of conditions?
Fee simple defeasible
What are the 2 types of fee simple defeasible estate?
determinable and condition subsequent
What type of estate passes to another person upon death of a named party?
fee estate
The holder of the life estate is called?
life tenant
The interest of a named party to receive estate after the holder’s death is known as?
The remainder
The interest of previous owner to receive estate after holder’s death is known as?
The reversion
The limited of lifetime of life tenant or another named party is known as?
Full ownership interest
Conventional life estate is created by?
agreements between parties
The death of the life tenant and passes to remainderman or previous owner is known as?
the ordinary conventional life estate
The death of another person and passes to remaindeman or previous owner is known as?
the pur autre vie
Legal life estate is the….
automatic creation of estate through operation of law
legal life estate is designed to…
protect family survivors
The right to one’s principle residence is known as?
homestead
The laws to protect homestead from certain creditors is known as?
the homestead laws
A life estate interest of a widow(er) in the real property is known as?
Dower and curtesy
The right to claim decrease spouse’s property in lieu of will is known as?
Elective share
An interest in property that is less than a freehold estate is known as…?
a non free hold estate
What estate not inheritable and do not involve ownership?
a non free hold estate
The execution of a lease by a fee owner, the lessor, or landlord to the lessee or tenant is known as?
A leasehold estate or leasehold
A leasehold estate creates a situation where two or more people have an interest in an estate is called a….?
tenancy
This tenancy is for a definite period of time. It may endure for any length of term agreed to by the landlord and tenant.
The tenancy for years
At the end of this term, this tenancy automatically terminates, without any requirements of notice by either party.
The tenancy of years
This tenancy has lease terms that renew automatically upon acceptance of monthly.
periodic tenancy (month-to-month)
This tenancy continues until one of the parties provides sufficient of notice by either party.
periodic tenancy
This tenancy is for an indefinite period subject to rent payment.
tenancy at will
This tenancy can be created by agreement or by failure to create a tenancy for years, and it can be canceled with sufficient notice.
tenancy at will
This tenancy against a landlord’s will and occurs when a tenant occupies the premises without consent of the landlord or an agreement. This usually occurs when a tenant fails to vacate at the expiration of the lease
tenancy at sufferance
What is undivided interest defined as?
An owner’s interest in a property in which 2 or more parties share ownership
What are the 3 types of life estate?
fee estate, conventional life estate, legal life estate
